Cost of goods sold , periodic, FIFO,gross profit method

6. A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the Last-In, First-Out inventory costing method, what is the amount of Cost of goods sold on the December 31 income statement?
$4,000
$3,750
$6,750
$3,500
None of these is correct

7. In a periodic system, inventory balances and the cost of goods sold for the current period are determined:
at the time of sale.
on a frequent basis.
on the first day of each year.
when a physical inventory count is taken.

8. A purchase return of goods purchased on credit is recorded by the purchasing company as a debit to what account?
Accounts receivable
Inventory
Cost of goods sold
Accounts payable

9. When a company uses FIFO, the Cost of goods sold correlates to the most recently purchased goods, and the ending inventory correlates to the oldest goods in stock.
True
False

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6. A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the Last-In, First-Out inventory costing method, what is the amount of Cost of goods sold on the December 31 income statement?
$4,000 ***
$3,750
$6,750
$3,500
None of these is correct